TRS expecting process to go on

TRS Investments chairman Keith Jackson says the company has no further information relating to restraining orders on Mega shares other than what was released to the market.

Trading in TRS Investment, the backdoor listing vehicle for cloud storage and encryption firm Mega, was halted pending an announcement from the company, after an 18.8% stake in Mega was placed under a restraining order as part of a freeze on the assets of Auckland businessman William Yan.

Two companies associated with Mr Yan, formerly known as Bill Liu, have been subject to a restraining order under the Criminal Proceeds (Recovery) Act, with the shares under the Official Assignee's custody and control, Mega said in a statement.

Any funds received as subscription for new shares were paid to Mega's lawyers through banks operating under Anti Money Laundering processes, the company said.

Mr Jackson said TRS had a conditional agreement to acquire all shares on issue in Mega.

Subject to fulfilment of the agreement conditions, TRS expected the agreement would be performed.

''TRS will make further inquiries as necessary and if its view changes or further information comes to light, it will advise the market accordingly,'' he said.

Internet entrepreneur Kim Dotcom wants to list Mega on the NZX through a reverse takeover.

On Saturday, The New Zealand Herald reported millions of dollars of assets allegedly owned by Mr Yan had been seized by police as part of an investigation into a money laundering ring.

Through a lawyer, Mr Yan denied the allegations, the Herald reported.

Neither company was named, although TEY Trustee Ltd and New Vision Trustee Ltd, which emerged as shareholders of Mega in May, hold a combined 18.81%, according to Companies Office documents, BusinessDesk reported.

Those companies' interests were held through Jesse and Associates lawyer Jesse Nguy, a former president of the now-defunct New Zealand Chinese Business Chamber.

The combined stake pips Shen Zhou Wu's 16.7% stake in Mega, who was listed as the biggest shareholder in the company.

Mr Shen, a regular donor to the National Party through his Contue Jinwan Enterprise Group, replaced Mr Dotcom as the firm's biggest investor in May.

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